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Next-Gen Wealth Management Isn’t A Choice, But A Necessity

Wealth management with the next-generation client is a new animal. You can’t afford to rest on your laurels and expect to grow – or even maintain – your assets under management. High-net-worth clients of the new age expect more and have particular needs that you must cater to.

So, what does next-generation wealth management entail?

Technology is a large component, as it helps to foster seamless interaction. However, you’re also managing assets with more of a team-based approach. The style of next-gen management is similar to that of a law firm – using the team structure of a senior manager and specialists. This approach helps you provide more holistic services.

As for the technology piece, Financial Planning magazine’s “Tech Survey 2015: What’s New Now?” found that 88% of financial advisors use a mobile device to manage their practice. From executing trades to communicating with their clients, these activities would never have been done on a smartphone just four years ago. Clients, too, have adopted a life connected to mobile devices, and they want to have 24/7 access. Technology enables you to communicate better and be more attentive. In turn, your clients have confidence in their ability to reach you, and they feel assured that their investments are under a watchful eye. The result is a stronger relationship between you and them.

The Power Of The Client-Advisor Relationship

If you sell yourself on performance, you live and die by performance. While ROI is important, next-generation wealth management focuses on the customer experience. Clients have many questions they’d like answers to, but they aren’t always confident that you’re going to be available or reachable to address their concerns. If your clients aren’t invited to ask questions or don’t have an easy channel to submit them, they’re less inclined to ask.

In a world that no longer requires consistent face-to-face meetings, the right technology serves as a platform for modern interaction, and it benefits not only your clients, but you as well. This communication is tied tightly to the customer experience and your level of service. It makes all the difference in the world. No one expects you to be available 24/7, but if your clients are able to easily communicate with you and are confident in the attention you’re giving them, they feel a stronger connection and are more likely to stay loyal through thick and thin.

Client Knowledge Is Changing The Game

Not too long ago, your clients had to call you if they wanted information on stock prices. Today, they access the Internet from their smartphones, computers or tablets and have access to other expert opinions, research and data at their fingertips.

In next-gen wealth management, you’re not going to stay competitive by relying solely on providing asset management. It’s not an edge. Instead, prospective high-net-worth clients are looking for someone who understands them and their goals, and who delivers the relevant information needed to make decisions.

Despite the prevalence of robo-advisors and the ensuing pressure to drive down the price of asset management, it seems that many advisors’ remain tied to their old ways. Meanwhile, robo-advisors are growing dramatically, backed by funds from venture capitalists and investments in significant marketing campaigns.

Many advisors have yet to respond to the clear technological demands of their clients. As the Financial Planning article reports, “Advisors do not yet seem to comprehend how rapidly technology is evolving — nor have they fully thought through the implications. We believe the new robo technologies will become more prevalent over the next few years, presenting both challenges and opportunities. The survey, however, suggests that too few advisors are positioned to fully take advantage.”

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“Everything starts and ends with the client. Our development process starts with identifying investor pain points and solving them.”

- Matt Valkovic, Head of Client Services

“WealthAlert is a key feature of our service. Our technology will keep an eye on your portfolio and let you know when something deserves your attention so that you can spend less time worrying about your money.”

- Adam Freedman, Chief Investment Officer

“At CircleBlack, our goal is to give you a sense of control over your wealth. As part of product development, we strive to provide features that deliver a clear view of where you currently are, and monitoring and alerts that empower you to live your life and manage your wealth on your own terms and own time.”

- David Gevry, Product Manager

“Obsolescence is not in our vocabulary.”

- Carlos Simoes, Chief Technology Officer

“Our goal is to provide investors with the ability to track and manage their wealth in such a way that they have more time and less anxiety.”